FCTA seeks foreign investment

The Minister of Federal Capital Territory (FCT) Senator Bala Mohammed said the administration has developed a concept of Public Private Partnership (PPP) to attract Foreign Direct Investment (FDI) for the expansion of the nation’s capital.

He disclosed this at a ceremony marking the “FCT Day” at the ongoing seventh Abuja International Trade Fair.

Mohammed, who was represented by the Minister of State for the Territory, Oloye Olajumoke Akinjide, explained that the PPP concept was currently being executed through joint ventures (JV) and Build Operate and Transfer (BOT) as exemplified in the Abuja Mass Transit System and Housing Development.

He listed the priority sectors for investments under the FCT Road Map to include: New Districts/Engineering infrastructure, Housing Development/Real Estate, Satellite Towns Development, Agriculture, Industry/Manufacturing Development, Tourism/Hospitality, and Small and Medium Enterprises/Youth development.

“The FCT Administration has provided enabling environment to encourage both local and foreign investors through the creation of policy initiatives that provides incentives to investors namely; fiscal measures in terms of tax reliefs and allowances payable by entrepreneurs, provision of insurance cover for export oriented industries as specified in Decree No. 18 of 1986, liberal allocation of industrial park well laid out, demarcated and requisite infrastructure, land swap initiative and a host of other policy initiatives, including the recent development of Trade and Investment Policy Document and the establishment of Micro Finance Banks in the six Area Council to facilitate access to funds.